Kyung Soo Kim Fined by FINRA for Unreported Crypto Mining


Published 1y ago via stmarket.co

Kyung Soo Kim Fined by FINRA for Unreported Crypto Mining
ST Market via stmarket.co

The U.S Financial Industry Regulatory Authority (FINRA) has according to a letter of settlement released earlier this week, fined and suspended, Kyung Soo Kim, an investment advisor for U.S based firm, Merrill Lynch. However, at the peak of the Bitcoin boom in late 2017, Kim allegedly set up another firm, S. Corporation, to carry out cryptocurrency mining activities.

It was not setting up a new corporation that FINRA counted as an offense by Kim, but the fact that he failed to report the transferred funds to his employers, Merrill Lynch. Also, FINRA deemed that Kyung Soo Kim did not ÔÇťobserve high standards of commercial honor and just and equitable principles of trade.'

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